On July 1, 2019, Alleya Amrick and Breanne Balas formed a partnership to make crafts...
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On July 1, 2019, Alleya Amrick and Breanne Balas formed a partnership to make crafts and sell them online. Net Income during the year was $410,000 and was in the Income Summary account. On July 1, 2020 Calla Cameron invested $123,000 and was admitted to the partnership for a 20% interest in equity. Required: 1. Prepare journal entries for the following dates: a. July 1, 2019 b. June 20, 2020 c. June 30, 2020 d. July 1, 2020 2. Calculate the balance in each partners capital account immediately after the July 1, 2020, entry.
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